$ETH will soon be transiting from a Proof of Work (PoW) mechanism to Proof of Stake (PoS). But what does PoS consist of? Your answer lies below ⤵️
Proof of Stake has many clear advantages over Proof of Work. For this reason, new blockchains almost always use Proof of Stake. Its benefits include:As users' needs and blockchains change, so can Proof of Stake. It's plain to see this with the vast number of adaptations available. The mechanism is versatile and can easily fit most blockchain use cases.More users are encouraged to run nodes since it's more affordable.
To effectively control the network and approve fraudulent transactions, a node would have to own a majority stake in the network, also known as the . Depending on the value of a cryptocurrency, it can be almost impossible to gain control of the network, as you would need to acquire 51% of the circulating supply.Disadvantages of Proof of StakeForking. Under Proof of Work, mining both sides will lead to a waste of energy. With Proof of Stake, the cost is much less, meaning that people can "bet" on both sides of a fork.To begin staking, you'll need a blockchain's native token supply.
With Proof of Work, you can buy cheap mining equipment or even rent it. With this, you can join a pool and start validating and earning quickly.While Proof of Work is also prone to 51% attacks, they can be significantly easier with Proof of Stake. If a token's price crashes or the blockchain has a low market capitalization, it can be theoretically cheap to purchase more than 50% of the tokens and control the network.
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